Cairo expects to receive the first tranche of the International Monetary Fund (IMF) loan program in December 2022. This was announced by the Republic’s Finance Minister, Mohammed Maait, the newspaper reported. Al-Mal.
Maait hopes that Egypt will receive $750 million from the international organization, 25% of the total financial support program.
“The IMF estimated the four-year financing gap for which the program was designed at $16 billion, or $4 billion annually,” said the head of Egypt’s Finance Ministry.
Cairo applied to the IMF for financial assistance in March 2022. Egypt needs money to implement a comprehensive economic program against the backdrop of events around Ukraine. From 2016 to 2019, Cairo received a loan of approximately $12 billion from the IMF for economic reforms.
In the second half of September, President of the Suez Canal Administration Osama Rabia declarationHe said management expects to increase its profits by $700 million a year following the increase in tolls through this waterway.
Source: Gazeta
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